# Robustness: Z₁ × KAOPEN Within Unions

| Variable | EMU: Z₁×KA | CFA: Z₁×KA | CMA: Z₁×KA |
|:---|---:|---:|---:|
| Z_1 | -193.4360*** | 132.9314*** | -83.2056 |
| | (34.0380) | (50.3860) | (119.5223) |
| Z_2 | 24.9655*** | -18.7611** | 14.5191 |
| | (4.3498) | (8.2984) | (18.5191) |
| Z_3 | -0.9032*** | 0.7315** | -0.5661 |
| | (0.1621) | (0.3617) | (0.7899) |
| fiscal_bal_gdp | -0.0935 | 0.5243*** | 0.4374** |
| | (0.0695) | (0.0873) | (0.1737) |
| nfa_gdp_lag | 2.2338*** | 2.7964* | 3.9108 |
| | (0.7594) | (1.6471) | (4.0058) |
| rgdp_growth | 0.1249*** | 0.2261*** | -0.2450 |
| | (0.0407) | (0.0406) | (0.2128) |
| kaopen | -0.3153 | -3.7486 | 14.2427 |
| | (1.4467) | (21.5205) | (26.0021) |
| Z_1_x_kaopen | 0.2347 | -2.0612 | 5.5651 |
| | (1.8717) | (8.0323) | (10.0996) |
|:---|---:|---:|---:|
| N | 405 | 511 | 139 |
| R² | 0.2900 | 0.0850 | 0.2174 |
| Countries | 18 | 14 | 4 |

*Panel GLS with country and year fixed effects. Tests whether capital account openness modifies the demographic effect within monetary unions.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*